Tips for Showcasing Your Multifamily Property’s Upgrades on Social Media

Modern Gem Design :: Tips for Showcasing Your Property's Upgrades on Social Media

You’ve taken the steps to make necessary renovations to your property but no one will know about them without properly marketing your property. That means it’s time to really show off the beautiful new updates you’ve made not only on your website but also using social media. We’ve already shared our tips on marketing your property on social media but today we’re going a step further with some tips for really showcasing all your property has to offer!

Model Unit

You can use your model unit to really highlight the story behind your property just like you would with an in-person tour. Giving future residents a look either through photos or video of the unit will give them an idea of the quality finishes you’ve incorporated throughout your property. By doing so, they can start to picture themselves living there which will ultimately help get them through your door for an in-person tour.

Available Units

Similarly to your model unit, you can highlight the units you have available on your social media accounts. Give a quick tour and make sure you showcase each units’ layout and specific benefits. This could include spacious closets, a balcony, a storage area, high-end appliances, etc. Since you have several layouts in your property this will give future residents an idea of unit size and layout so they can determine which works best for them. (Don’t forget to mention which layout you’re highlighting!)

Outdoor Spaces

Your units might not be the only area that you’ve made updates! Highlighting the outdoor spaces your property offers will help draw prospective residents in. Show off your pool and grilling areas. If you have a dog park, make sure you share that so pet parents know your property is pet friendly.

Your amenities have a huge impact on the quality of life you offer residents so you want to make sure you’re highlighting every area of your property. Ideally you’ll showcase your current residents enjoying these spaces so you can help give prospective tenants an idea of the community they will be joining.

Staff Members

Your office and maintenance staff are the people interacting with your residents on a regular basis. So you’ll want to introduce them and showcase their personalities on your social media accounts. This give not just prospective residents an idea of how friendly and helpful your staff is but it helps keep your current residents in touch with them.

Make sure you introduce new team members as they join, highlight birthdays, and other fun activities your staff is involved in.

Property Updates and Maintenance

This might not be the glamorous side of your property but residents like to know that the property they live in will be taken care of. Give residents a look at new landscaping as it’s going in. Let them know you’ll be painting or adding new amenities. Showing these on social media is a fun way to give current and future residents a sneak peek of what’s to come!

Neighborhood

Location is often a large factor in where people live so it’s always fun to highlight the neighborhood. Is there a new restaurant going in down the street? A boutique that many of your residents frequent? Give shoutouts to these other businesses. Highlight walking trails or other nearby activities that your residents can enjoy. This will show you’re in tune with what’s going on in the neighborhood while you highlight how great of an area it is to live in!

Unlike with printed marketing materials or on your website, social media can give a much better picture of what it would be like to live at your property. Because of this you want to make sure you’re doing everything you can to showcase all your property has to offer.

Contact us today if you’re looking for help with upgrades that you can proudly showcase on social media.

Tips to Improve Curb Appeal on a Budget

Modern Gem Design :: Tips to Improve Curb Appeal on a Budget

You know how important it is to keep your rental units and the exterior of your buildings in tip top shape, but how much attention have you paid to your landscaping? Curb appeal is so important when it comes to creating a positive first impression for tenants so make it count! The good news is it doesn’t have to be expensive to update either. Today we’re showcasing different ways you can easily improve your curb appeal for your multifamily property.

Use Native Plants and Cut Back Large Trees and Plants

Large structural hedges are out and native plants are in! One of the latest trends in outdoor landscaping is utilizing native plants that create a softer, more natural appearance. Large hedges or trees can become overpowering in outdoor spaces and can benefit from being cut back. Openness and light-filled spaces often appeal to potential tenants and the same goes for your landscaping. We suggest planting things in small groupings or spaced out to avoid having things look too cramped. Having native plants that are lower maintenance can also help you reduce some of the upkeep responsibilities and costs.

Turn Areas of Wear-and-Tear into Part of Your Landscaping

If you have areas of grass that are well trafficked or that have seasonal drainage issues, you can fix the problems while also making them visually appealing. An easy way to do this is by integrating stepping stones, pavers or natural gravel along walkways. This will allow for better drainage in the areas while also elevating your landscaping.

This is also an important factor while showing potential tenants your property. You want to make sure your property comes across as well taken care of so this allows you to kill two birds with one stone.

Consider Using Permanent Mulch

Permanent mulches such as gravel or rock can help you create a timeless look for your property while also reducing maintenance. Using rocks throughout your landscaping can also reduce water requirements for your plants, which can also ultimately help you save money.

Update Outdoor Lighting

Lighting fixtures can easily date your property and are an easy update to improve your curb appeal. We suggest going with something simple that will serve your property and keep the look timeless. Another important thing to consider is how well-lit walkways and other areas of your property are. This will help tenants feel safe while out and about your property at night.

Interested in learning how you can update your properties landscaping to appeal to current and potential tenants? Contact us today to learn more.

3 Improvements To Help With Renter Retention

Whether you’re at full capacity at your multifamily property or not, the age old question is always how do you keep your residents happy so they continually renew their lease? This isn’t something to start thinking about right before the renewal process either. This should be an ongoing process that starts with the initial lease signing and should be on the forefront of the management staff’s mind. Here are three improvements you can focus on to help with renter retention:

Tailor Amenities to Renters’ Needs

Each property in your portfolio is different and most likely requires different amenities to cater to your residents’ needs. A lot of this will depend on your property’s location, resident demographics, and culture but adding niche amenities could be key to not only attracting new residents but maintaining renter retention. When the amenities satisfy your tenant’s needs, then they are less likely to look elsewhere when their leases end. Some examples of niche amenities you might want to consider include:

Modern Gem Design :: 3 Improvements to Help With Renter Retention
  • Pet washing and grooming stations
  • Community garden
  • Bike share or bike room
  • Rooftop lounge
  • Yoga space

Build a Community

Your community is just that… a community. Helping to build that community for your residents will make their apartments feel more like homes instead of just a temporary rental. When residents feel at home and like they belong in your community, they will tend to stay much longer. You can provide this sense of community both in-person and online for your residents.

A great way to do this is by utilizing your social media accounts. By doing so, you can share property information, provide customer service for residents, and give your current and potential tenants a sense of what is happening around the community in real time. It also provides the opportunity for residents to share their own photos, stories, and experiences which helps them connect with other residents and provides valuable feedback for you and future residents.

Hosting monthly events for your residents is also a great idea to help cultivate community in-person as well. You can host holiday gatherings, bring a food truck or another activity to your property to show your appreciation, and invite your residents to bring their friends and family members along to these activities. This not only welcomes your residents to the community and shows your appreciation but it also gives them an opportunity to meet others in the community.

Maintain Your Property

This may seem like a no brainer but your residents want to live in a community that is well cared for all year. This helps provide them with a beautiful, enjoyable environment to live in, which improves their overall quality of life.

If your property is located somewhere with different seasons, make sure the walkways, streets and parking areas are free of ice and snow during the winter months. In the summer, maintain the lawn and other landscaping. This will allow residents to enjoy the shared outdoor spaces as well as their own private patios and balconies if your property has them.

Most importantly, make sure you respond to any maintenance requests in a timely fashion. This is one of the best ways to keep your residents happy with your property. If something breaks or isn’t working properly in a unit, the last thing a resident wants is to wait for it to be fixed. Your residents will be appreciative of a timely response and help set you apart from other properties.

These improvements are fairly easy to start implementing in your community if you haven’t already but the biggest thing to remember is to ask for and listen to any feedback you receive from residents. If there is a continued trend in feedback it might be time to really consider some changes to keep residents happy.

If you need help implementing these changes or renovating your property, contact us today!

Tips for a Smooth Multifamily Property Renovation

Renovating your multifamily property can not only allow you to increase the value of your property but can also increase your rental rates, which is always an attractive idea for property owners. Not only that but it can also help you attract your ideal tenants, and improve renter retention. That being said, renovation projects are not a small feat and it can be easy to get in over your head quickly with projects if you aren’t careful. There is a lot of planning involved and you want to make sure your project goes as smoothly as possible. This will not only help stay on budget but will also keep from disturbing current residents. Here is some advice to consider:

Focus on Renovations with High Return on Investment

When it comes to renovations, getting a high return on your investment is often top of mind. Depending on your per unit renovation budget, you will want to be selective of the upgrades that you make. For example, gut-renovations and changing the layout of apartments is much more costly than changing paint colors and upgrading the finishes throughout. It’s important to identify renovations that will have a high impact for your tenants while staying within your budget.

Another important piece of advice is to make sure that you don’t over-renovate. Before you begin any renovation project it is very important to be aware of your market and comparable units in the area. A costly mistake can be investing more into a property than you will be able to get back through rental rates.

Plan for the Unexpected

As with any renovation project, when you begin construction there is always the chance that something will go wrong. Whether that is unexpected expenses or a drawn-out timeline, it’s best to have a plan in effect to account for different scenarios. It is also very important that you do your research on the contractors and companies you work with on the renovation so that you are very clear on who is responsible if any issues should come up.

Don’t Forget Amenities, Curb Appeal, and Model Unit Renovations

Beyond unit renovations, don’t forget about renovations to your leasing office, clubhouse, property maintenance and amenities. This is especially important if you will be doing your renovations in phases while tenants are living on property. During construction, it is important to try and keep current tenants happy and excited about the improvements, while also capturing the interest of new tenants. Improving the curb appeal of your property with exterior paint and landscaping can be a great way to improve your property. Upgrading the amenities you offer or adding new ones can also be a big selling point for tenants.

Hire a Professional

Renovation projects can easily become overwhelming and hiring an expert, like Modern Gem, who specializes in multifamily properties can put your mind at ease. They can take most of the project off your plate coming to you when decisions and details need to be made. They’ll also handle coordination with trusted-contractors so you know your property is in good hands. This way you can make sure your project goes smoothly from beginning to end.

If you’re interested in learning more about our services, please contact us.

Why You Might Want to Consider Rebranding Your Multifamily Property

While rebranding your property or properties may be a large undertaking with several moving pieces including the coordination of the marketing and management teams, it is also a great opportunity for you to create a fresh new look for your property that will not only help boost your bottom line but also gain trust with current residents. Why you might want to rebrand your multifamily property may vary, but the process and the factors to consider prior to starting this project are all similar. So we’re diving in to help you take a look at the entire process and where to start!

Real Life Scenario

You are a real estate investment company or a property management company that has just acquired a one off multifamily property or a portfolio of multifamily properties with a value add strategy in mind. The properties have been severely neglected. They have deferred maintenance and poor reputations within the submarket along with a negative online presence. The property has cannibalized units, poor management staff and previous owners that only had a budget to merely maintain the properties in decent condition.

This is a great scenario that illustrates the time when it may be a good idea to give your property an overall facelift. Rebranding can give you the opportunity to create a fresh perspective and provide more effective marketing opportunities while boosting your bottom line.

With a value added approach in mind, you must have adequate funds budgeted for capital improvements. Doing so should allow you to spend allocated dollars towards improving curb appeal, improving and/or adding key amenity areas and renovating the unit interiors. Being able to focus on getting the property properly staffed is key in getting the property back up and running smoothly, gaining trust from the residents while achieving and maintaining a consistent occupancy of 94-96%.

Define your Target Market

First and foremost, knowing your target market is key to determining the direction of our rebrand. Are they young professionals, families, students, seniors, pet-lovers?

Your target market will influence everything from your new property name to your logo to the color schemes and amenities you incorporate into your property.

Know your Community’s Strengths

Where is you community located? In the heart of the city? Near great schools or close to parks? You’ll want to make sure you highlight these strengths of your property’s location and community when marketing your rebranded property.

You’ll also want to highlight the key amenities you offer that will appeal to your target market. Do you have a rooftop pool? State of the art fitness center? Pet wash station and bark park?

Knowing your community’s strengths will help you highlight these key offerings in your new marketing strategy to appeal to your target market.

Create a New Community Name and New Logo

After determining your target market and your community’s strengths that will appeal to that market, you’ll want to create a new community name and logo. While this may seem daunting, it can actually be turned into a fun crowd-sourcing contest!  

For example, host a contest asking either current residents, property management staff or even both for their suggestions on a new property name with a prize of $200 cash or gift card. This will allow your community to get involved and invested in the new property identity so they are as excited as you for the new brand.

Encourage those brainstorming names to keep it simple and easy for most people to spell. Anything too complicated will make it hard for your target market to remember. You’ll also want to research the area for main street names or natural attractions that may coincide with the new community name.

Once you have names narrowed down, you’ll want to do a city search to make sure that name isn’t already take by another community in the area or there’s not another community with a similar name.

After finalizing the new community name, you’ll want to create a new logo to reflect the name and property identity. It all should flow and make sense for the property location, target market, and community strengths.

Update Marketing Materials

You’ll next want to update all your marketing materials to reflect the new branding. This includes all your brochures, letterhead, floor plans and even your online presence. This includes updating your website as well as your social media accounts.

When it comes to your website, you’ll want to make sure there is no overlap between your new URL and your old URL.

Update Signage with New Logo Design

Along with updating all your marketing materials, you’ll need to update your signage! This includes your monument sign(s), building signs, parking signs, exterior amenity signs, as well as any other signs on your property.

Two of our go-to firms to help with both your new logo and your signage are Fource Communications and Dodd Creative. Both of these are nationwide creative firms based in Dallas, TX and we’ve worked with both on several projects.

Dodd Creative actually created the Modern Gem Design logo and Fource Communications help with new logos and signage packages for most of the properties in our portfolio. Needless to say, we’d highly recommend them for any rebranding and signage needs.

Update your Community’s Amenities

And last but not least, you’ll want to finish off the property rebrand by updating your community’s amenities to reflect the new brand. This will include:

  • Exterior Paint
  • Clubhouse/Leasing Center
  • Business Center
  • Model Unit Furnishings/Artwork/Décor/Paint
  • Fitness Center
  • Pool Furniture

It’s important to note that while it is important to consider a rebrand if your property or properties need it, it is a long-term commitment that requires patience and perseverance. It requires a lot of coordination between various teams and moving pieces that need to work and flow together. It often takes about 12 – 18 months before the total transformation comes to fruition. However, at the completion of the property rebranding, you will have a fresh new look to help attract your target market and boost your bottom line.

If you are interested in rebranding your property or portfolio of properties and need some assistance, please contact us today to schedule a consultation.